Utility Asset Management Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The utility asset management market size has grown rapidly in recent years. It will grow from $4.97 billion in 2024 to $5.56 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to infrastructure expansion and development, regulatory compliance and safety, asset performance and reliability, lifecycle cost management.

The utility asset management market size is expected to see rapid growth in the next few years. It will grow to $8.15 billion in 2029 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to smart grid integration, renewable energy integration, data analytics and predictive maintenance, resilience and disaster preparedness. Major trends in the forecast period include adoption of advanced analytics and AI, IoT and sensor integration, shift towards predictive maintenance, focus on cybersecurity and data privacy.

The rising adoption of automation technologies is anticipated to drive the growth of the utility asset management market in the future. Automation technologies encompass a variety of methods, processes, and systems that utilize diverse technologies to perform tasks with minimal human intervention. Utility asset management (PAM) supports automation technologies by offering a comprehensive framework for managing and maintaining physical assets in industrial environments, thereby improving overall performance. For example, in September 2023, the International Federation of Robotics, a Germany-based organization dedicated to robotics research, reported that factories around the globe installed 553,052 industrial robots in 2022, representing a 5% increase from the previous year. Consequently, the increasing use of automation technologies is propelling the growth of the utility asset management market.

Prominent companies in the utility asset management market are actively pursuing innovation, particularly in the development of enterprise asset management solutions, to advance their market offerings. Enterprise asset management (EAM) solutions involve the comprehensive management and maintenance of a company's physical assets throughout their entire lifecycle. In November 2023, Trimble Inc., a US-based technology company, introduced Trimble Unity AMS to enhance the reliability and efficiency of electric utilities. Built on the Cityworks enterprise asset management platform, Trimble Unity AMS enables electric utilities to effectively manage their infrastructure assets from permits and construction to operations, maintenance, and replacement. The solution integrates with Esri ArcGIS, providing a centralized source of current data for decision-making and operations. This GIS-centric approach improves operational efficiency and situational awareness in electric utilities.

In October 2024, Univerus, a Canada-based software company, acquired Varasset for an undisclosed sum. This acquisition allows Univerus to strengthen its software offerings for the power and communications sectors, reaffirming its dedication to providing comprehensive asset management solutions. Varasset is a Canada-based software firm that specializes in work and asset management.

Major companies operating in the utility asset management market are Siemens AG, International Business Machines Corporation, General Electric Company, Oracle Corporation, Schneider Electric SE, SAP SE, ASEA Brown Boveri, Jacobs Solutions Inc., Emerson Electric Co., CGI Inc., John Wood Group PLC, Hexagon AB, Black & Veatch, Arcadis NV, Mott MacDonald, GHD Group Pty Ltd., Environmental Systems Research Institute, Bentley Systems, Industrial and Financial Systems, Accruent, Infor, Sensus Metering Systems.

North America was the largest region in the utility asset management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the utility asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the utility asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The utility asset management market consists of revenues earned by entities by providing services such as asset inventory and mapping, condition assessment, and asset lifecycle management. The market value includes the value of related goods sold by the service provider or included within the service offering. The utility asset management market also includes sales of enterprise asset management (EAM) software, geographic information system (GIS) software, and work order management systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Utility asset management involves the systematic approach to overseeing, maintaining, and optimizing the infrastructure and assets owned and operated by utility companies. The objective is to identify and mitigate potential risks associated with utility asset failures by implementing preventive and predictive maintenance strategies.

The primary types of utility asset management are categorized as public utility and private utility. A public utility is an entity that provides goods or services to the general public. The components of utility asset management encompass hardware, software, and services, applicable to various utility applications such as electric, gas, and water.

The utility asset management market research report is one of a series of new reports that provides utility asset management market statistics, including utility asset management industry global market size, regional shares, competitors with a utility asset management market share, detailed utility asset management market segments, market trends and opportunities, and any further data you may need to thrive in the utility asset management industry. This utility asset management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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